"02 June 2019" Archive

Registration U/s. 12AA cannot be denied to trust established to comply CSR obligations

Escorts Skill Development Vs CIT (Exemptions) (ITAT Delhi)

Escorts Skill Development Vs CIT (Exemptions) (ITAT Delhi) Merely because of the fact that the applicant company has been established to comply with the CSR obligations, the registration u/s 12AA of the Act cannot be denied, particularly when CSR activities are also charitable activities as defined under the Act. FULL TEXT OF THE ITAT JUD...

Exemption U/s. 54F available on capital gain on sale of depreciable assets

Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai)

ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and […]...

FAQs on Kerala Flood Cess

Q.1 What is the rate of Kerala Flood Cess? Ans: The rates of Cess are as follows: Goods taxed at the rate of 1.5% KGST-0.25% Cess Goods taxed at the rate of 6%,9% and 14% KGST-1% Cess All services under SGST-1% Cess Q.2 What are the types of supply which would attract Kerala Flood Cess? […]...

Posted Under: Income Tax |

Entities making only exempt supplies liable to GST registration U/s. 24?

Whether the entities making only exempted supplies is liable to get registered under GST in pursuance of Section 24? This question came up before the Hon’ble Authority for Advance Rulings, Kerala IN RE: M/S. MEDIVISION SCAN AND DIAGNOSTIC RESEARCH CENTER (P) LTD. Before proceeding to the question in hand, it is imperative to look into [...

Posted Under: Income Tax |

Income Tax Implication on Derivatives (Futures & options) Transaction & Intra-day trading

This article is about how trading in derivatives & Intra-day trading is to be treated under the Income tax. We will briefly discuss the following: 1. Basic understanding of the concept 2. Computation of income- F&O & Intra-day trading 3. Calculation of turnover- F&O 4. Set-off & Carry forward of losses 5. Applicability...

Posted Under: Income Tax |

Introduction to GST Annual Return

The fever of cricket is on as the matches for World Cup, 2019 have started. But those involved in commerce and industry are busy in 'Matching' books for annual return. GSTR-9 has been leading topic of discussion from it’s very inception....

Posted Under: Income Tax |

Amendments to SEBI (Prohibition of Insider Trading) Regulations, 2015

INTRODUCTION As the term itself explains it is trading by the insider of the Company that is one who is having access to the information of the Company which is not available to public. Insider trading is the act of trading, directly or indirectly, in the securities of a publicly listed company by any person, […]...

Posted Under: Income Tax |

Constitute GST Tribunal in Lucknow within 3 months: HC

Oudh Bar Asso. Vs U.O.I. (Allahabad High Court)

Oudh Bar Asso. Vs U.O.I. (Allahabad High Court) In the present case, the legislation, namely, GST Act, 2017 has been enacted and has come into force with effect from 01.07.2017. Under the said enactment, various authorities have to be set up, namely, GST Council, and the GST Council was authorised to make recommendations to the […]...

RFP to Appoint Audit firm to conduct Internal Audit & ICFR of BOB

Request for Proposal (RFP) For Appointment of Audit firm for conducting Internal Audit & ICFR of BOB Financial Solutions Limited 1.1 Invitation for Tender offers BOB Financial Solutions Limited [Formerly known as Bobcards Ltd.] invites sealed tender offers (Eligibility, Technical bid and Commercial bid) from eligible, reputed entities...

Posted Under: Income Tax |

GST Revenue collection for May 2019 shows Growth of 6.67%

The total gross GST revenue collected in the month of May, 2019 is Rs 1,00,289 crore of which CGST is Rs 17,811 crore, SGST is Rs 24,462 crore, IGST is Rs 49,891 crore (including Rs 24,875 crore collected on imports) and Cess is Rs 8,125 crore (including Rs 953 crore collected on imports). The total number of GSTR...

Posted Under: Income Tax |